When all firms choose their best strategy given the strategies that all the other firms have chosen, the result is a Nash equilibrium.

Name: When all firms choose their best strategy given the strategies that all the other firms have chosen, the result is a Nash equilibrium.
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A Nash equilibrium occurs when each player in a game chooses their optimal strategy given the strategies chosen by the other players, and no player has anything to gain by changing only their own strategy unilaterally.

When All Firms Choose Their Best Strategy Given the Strategies